Analysis
Analysis and perspectives from a firm that operates at the intersection of Bitcoin infrastructure, public markets, and institutional capital in Asia.
What Circle’s cirBTC Tells Us About Where Bitcoin Infrastructure Is Heading
Circle built the institutional trust layer for stablecoins. Now it is applying the same playbook to Bitcoin. On April 2, 2026, Circle announced cirBTC:…
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Hong Kong’s Stablecoin Licensing Delay: What It Signals and What Comes Next
Hong Kong set out to be first. Instead, it is waiting. The Hong Kong Monetary Authority's Stablecoin Ordinance came into effect on August 1,…
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What the GENIUS Act Means for Stablecoin Operators in 2026
In the span of one week, the U.S. regulatory framework for stablecoins moved from an abstraction to an operational reality. On April 1, 2026,…
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